The Bank of Ghana (BoG) has injected an estimated $10 billion into the foreign exchange market between January and the first week of December 2025, an intervention that has significantly contributed to the cedi’s impressive stability and appreciation this year.
The Central Bank says the FX support, channeled through dollar sales to commercial banks and businesses, forms part of a broader market-intermediation strategy aimed at meeting legitimate dollar demand, rather than a direct attempt to fix the exchange rate.
BOG officials say the interventions have been made possible by windfall revenues from the Domestic Gold Purchase Programme, which has benefited from soaring global gold prices.
Proceeds from the programme have been tactically allocated to three areas:• Reserve accumulation• Upcoming external debt repayments• Dollar auctions to support market liquidity
